Whales Hold On as Bitcoin Defies $80K Hurdle

Bitcoin whales are not taking profits despite the cryptocurrency's price surge above $80,000.

CryptoQuant data shows that large holders are contributing less to selling pressure in the market. The Exchange Whale Ratio has fallen to 0.39, indicating a smaller share of whale-driven inflows to exchanges compared to previous periods.

Whales tend to sell their Bitcoin on exchanges when they take profits, but this time around it seems like they're holding onto their assets. This could mean that the current consolidation phase is not a major distribution event.

The Spent Output Profit Ratio (SOPR) is at 1, meaning coins being sold are changing hands near their cost basis. The Net Unrealized Profit/Loss (NUPL) indicator remains positive but hasn't reached an extreme optimism zone.